Omaha daily bee., 1887-07-06
TIE SPECULATIVE MARKETS.
An Unexoiting Day Of Trading in the
Wheat Pit.
PRICES CLOSE A SHADE LOWER.
General Rains Throughout the West
Cause the Corn Market to Take
sudden Drop-GeneraI
Quotations.
CHICAGO PRODUCE MARKET.

CHICAGO. July 5.-[Special Telegram TO
the BEE. There was nothing very exciting
IN wheat speculation to record to-day. The
market opened Crather active and shade
lower, ana sold off 1f@&c. The weather
was prime factor OF the depression and this
proved to be the governing influence through
out the day. Shortly after the noon hour
the secretary announced that the visible sup
ply showed a decrease OF 4,200,000 bushels
and little while afterwards the exports for
the week were posted showing that the
clearances of wheat and -four from Atlantic
ports aggregated 3,4S7, 600 bushels. These
statistics gave the bulls some courage and
caused the covering of shorts as a result Of
which August wheat advanced from II &c
to 711sd72c, September from 731Sc to 74c, and
December from 7Sxc to 7sJsc. In little
while the market lost It's hrmness of tone
and moderate subsistence of values fol-
lowed. The feeling was weak at the close
and the range of quotations was 7l497lAc
for August 73slc for September, and 1915
for December. This Is a little CHEAPER
all around than Friday. July wheat
participated in the Improvement and held
the ground gained. The top official quota
tiOn was 69Hc, though roc was paid for fully
30, O,0O0 bushels Just before the close. The Of
fetal record makes 69Hc the last price. Trad
ing. was very light in the pit taking the ses-
sion through. though there were periods Of
activity now and then. There was no
grand swell and no decisive indication of a
genuine governing force in any direction to
guide investors while the board was ad-
journed over for the Fourth.
The general rains throughout the westgave
the grain field such thorough soaking that
all fears of injury to crops. by much dry
weather were disslpated. II IS therefore , not
out by longs In corn was witnessed to-day,
and that prices took a sha:p down turn.
There was nothing to hold the market up or
Including even the bulls, could picture moth
Ing in their minds eye but acres of waving
corn, and were as confident, apparently, OF
''the biggest crop on record" as though 1t was
turns all in. The market opened h@'sc
with October Xc off. the start.
ss sal sales bsnE at Se for August
Tie large offerings by longs and more or
less short selling caused a further shrnka age
In values of l4l$sc, aud there was little or
no recovery during the regular session, the
B6sSc for August, She for September, and
37skc for October The latter future was the
weakest in the list, showing break OF 21sc.
In August and September property there was
Oats sympathized with corn, and In lead
Ing futures there was decline OF 14a$+c.
The shorts were the principal buyers and the
longs were selling out. trade aggregating a
fair volume. The finish was not as weak
under this head as in corn, July property
closing the same as Friday last, at 2514c.
August rested at 2524@251sc together, and
September at 26lSc.
In the provision pit the extended holiday
recess failed to stimulate business. Operators
were in about the usual attendance but the
interest shown was only moderate. and the
day passed in a rather featureess manner
Outside orders of all descriptions were APP
parently limited. The speculation INDUCED
In, which was purely local and barely fair In
volume, was confined wholly to lard and
short ribs. In these articles August and
September were the most active deliveries
Pork was inactiye, not even mentioned and
entirely nominal Lard and short ribs were
well supported, though the formes eased OFT
little and the close was SOC lower than Fri
days last quotation. Short ibis closed fol
July TIC higher, and for later deliveries un
changed.